Garuda Constructions and Engineering Limited Refiled DRHP for an IPO

Garuda Constructions and Engineering Limited has refiled its draft papers with the market regulator SEBI. The company filed for DRHP in February. Garuda Constructions' IPO will be a combination of a fresh issue and an offer-for-sale. 

The fresh issue consists of 18.30 million shares, and the offer-for-sale issue consists of 9.50 million equity shares. The price band and other important dates have not yet been announced. Corpwis Advisors Private Limited is the lead manager handling this public issue, and Link Intime India Private Limited is the registrar of this IPO. 

The offer is made through the book-building process, where not more than 50% of the portion will be available for allocation to QIBs, not more than 15% of the offer shall be to the NII, and 35% to retail individual bidders. 

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About Garuda Constructions and Engineering Limited

Garuda started its journey in 2010 in the hospitality sector by constructing the Golden Chariot Vasai Hotel & Spa, completed in 2014. They provide end-to-end civil construction for residential, commercial, infrastructure and industrial projects and additional for infrastructure and hospitality projects. The company's capabilities include constructing concrete building structures as well as composite steel structures. It also provides OEM and MEP services and finishing works as part of its construction services offering complete civil construction and additional services under its banner. Garuda Construction had an order book of 12 ongoing projects, out of which 7 had a contract value of more than 100 crore each. Currently, the company is engaged in the construction of six residential projects, two commercial projects, one industrial project and one infrastructure project, with an order book of Rs 1,408.27 crores.

Objectives of Garuda Constructions and Engineering Limited IPO 

The net funds received from this public offer will be used for the company's day-to-day capital requirements. The funds will also be used in general corporate purposes, including unidentified inorganic acquisitions. 

Financials of  Garuda Constructions and Engineering Limited in Brief

Garuda Constructions and Engineering Limited posted a revenue of Rs 8,042.34 lakhs and profit after tax of Rs 1,873.41 lakhs for the period ending on 30 November 2023. Earlier, at FY ended on 31 March 2023, the company’s revenue from operations were at Rs 16,068 lakhs and net profit at Rs 4,079.53 lakhs.

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